Office Depot Inc. (NASDAQ:ODP) has been given an average rating of “Hold” by the ten ratings firms that are currently covering the firm. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $5.65.
ODP has been the subject of several recent analyst reports. TheStreet raised shares of Office Depot from a “sell” rating to a “hold” rating in a research report on Wednesday, August 10th. Zacks Investment Research raised shares of Office Depot from a “hold” rating to a “buy” rating and set a $3.75 price objective for the company in a research report on Tuesday, July 19th. Finally, Morgan Stanley reaffirmed a “hold” rating and set a $4.35 price objective on shares of Office Depot in a research report on Tuesday, August 16th.
Shares of Office Depot (NASDAQ:ODP) opened at 3.53 on Monday. Office Depot has a 1-year low of $3.11 and a 1-year high of $7.99. The stock’s 50 day moving average is $3.62 and its 200 day moving average is $4.35. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 7.25 and a beta of 2.78.
Office Depot (NASDAQ:ODP) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by $0.03. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.20 billion. Office Depot had a return on equity of 12.05% and a net margin of 1.99%. Office Depot’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period last year, the firm posted $0.06 earnings per share. On average, equities analysts forecast that Office Depot will post $0.39 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, August 25th were paid a $0.025 dividend. The ex-dividend date was Tuesday, August 23rd. This represents a $0.10 dividend on an annualized basis and a yield of 2.83%. Office Depot’s dividend payout ratio is presently 20.00%.
In other Office Depot news, EVP Michael R. Allison sold 23,434 shares of Office Depot stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $3.64, for a total value of $85,299.76. Following the transaction, the executive vice president now directly owns 625,883 shares in the company, valued at $2,278,214.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.47% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Hotchkis & Wiley Capital Management LLC raised its position in Office Depot by 77.1% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 46,549,207 shares of the company’s stock worth $154,078,000 after buying an additional 20,269,877 shares in the last quarter. Vanguard Group Inc. raised its position in Office Depot by 7.0% in the second quarter. Vanguard Group Inc. now owns 38,877,544 shares of the company’s stock worth $128,684,000 after buying an additional 2,543,364 shares in the last quarter. Alliancebernstein L.P. raised its position in Office Depot by 86.8% in the second quarter. Alliancebernstein L.P. now owns 35,753,734 shares of the company’s stock worth $118,345,000 after buying an additional 16,614,118 shares in the last quarter. Fairpointe Capital LLC raised its position in Office Depot by 53.4% in the second quarter. Fairpointe Capital LLC now owns 28,751,416 shares of the company’s stock worth $95,168,000 after buying an additional 10,012,587 shares in the last quarter. Finally, BlackRock Fund Advisors raised its position in Office Depot by 55.7% in the second quarter. BlackRock Fund Advisors now owns 25,746,706 shares of the company’s stock worth $85,222,000 after buying an additional 9,205,342 shares in the last quarter. Institutional investors own 92.72% of the company’s stock.
About Office Depot
Office Depot, Inc (Office Depot) is a provider of office products and services. The Company sells products and services to consumers through three segments: North American Retail Division, North American Business Solutions Division and International Division. It operates under the Office Depot and OfficeMax brands.
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